Establishment of the European Stability Mechanism — 23 Mar 2011 at 19:33

The majority of MPs voted in favour of the creation of the European Stability Mechanism – a permanent measure to give financial assistance to Eurozone countries in need.

The majority of MPs agreed with the draft European Council decision to amend Article 136[1] of the Treaty for the Functioning of the European Union[2].

Article 136 is about EU member states with the euro as their currency. This change is made in accordance with section 6 of the European Union (Amendment) Act 2008.[3]

The agreed amendment would add the following text to Article 136:

‘The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.’

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